Record income of HK$484.7M And HK$ net profit70.9M
Pioneering advances in the osteoporosis, medical aesthetics and ophthalmology markets
HONG KONG SAR – EQS Newswire – March 27, 2024 – A fully integrated biopharmaceutical company –
Uni-Bio Science Group Limited (“Uni-Bio Science”, together with its subsidiaries referred to as the “Group”, stock code: 0690.HK), is pleased to announce its annual results for the financial year ending December 31, 2023 (the “Year”) ).
Key achievements in 2023
During the year, the Group achieved numerous achievements, both for its marketed products and for its innovative organic products. Key highlights include:
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The Group achieved record revenue, recording an increase of 10.1% year-on-year (“y-o-y”) to approximately HK$484.7 million. Pin-up sales® and GeneTime® performed well, recorded an increase of 15.0% YoY and 9.54% YoY respectively.
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Profit for the year saw a remarkable increase of 84.04% year-on-year, reaching approximately HK$70.9 million, attributed to the Group’s diligent cost control measures. These results mark an important milestone for a research-driven biopharmaceutical company, establishing a solid foundation for future expansion in an evolving market landscape.
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The Group’s Bogutai marketing application® (teriparatide injection) has been approved by the China National Medical Products Administration (“NMPA”), marking a significant advance for the Group in the treatment of orthopedic diseases and providing patients with expanded options. Bogoutai® represents the fifth product marketed by the Group and stands out as the first disposable pre-filled teriparatide injectable pen produced in the country.
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The Group reached an important milestone with the successful introduction of Skbrella™ FN, marking its entry into the advanced raw materials market for skin care. Currently, Skbrella™ FN is in the formula optimization and packaging design stage, and plans to officially launch an independent medical aesthetic brand using Skbrella™ FN in 2024.
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The Group has established its “R&D Center for Innovative Medicine and Advanced Biopeptide Technologies” in Beijing. This state-of-the-art facility integrates the latest advances in bioinformatics technology, genetic engineering and oral formulation techniques, marking a transformative era in the biosynthetic polypeptide drug industry.
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The NMPA’s acceptance of the marketing application for Diquafosol Sodium eye drops on January 23, 2024 marks a crucial step towards its marketing approval expected in the first quarter of 2025. This step heralds a new era in the Group’s efforts to diversify its portfolio of ophthalmic medicines and expand treatment options for patients suffering from dry eye syndrome.
Annual results
In 2023, the Group recorded revenue of approximately HK$484.7 million, an increase of 10.1% year-on-year. The increase in revenue is mainly attributable to the Group’s continued expansion of hospital coverage and relevant patient population through academic seminars and promotions, which have been fully recognized by the market and patients . Pin® recorded a 15.0% increase in revenue from approximately HK$215.1 million to approximately HK$247.4 million for the year. For the year, revenue generated by GeneTime® was approximately HK$186.0 million, an increase of 9.8% year-on-year. GeneSoft® recorded an increase in revenue from approximately HK$38.4 million to approximately HK$41.3 million, an increase of 7.6%. In response to fierce market competition, the Group has strategically slowed its sales efforts and is actively implementing supplier optimization strategies to strengthen its cost advantage. Therefore, Boshutai’s income® fell from about 17.4 million Hong Kong dollars to about 10.4 million Hong Kong dollars, a decline of 40.2%.
Gross profit was approximately HK$392.8 million, an increase of 17.3% from approximately HK$334.9 million in 2022, and gross profit margin increased by 4.9 percentage points over one year to reach 81.0%. Other income for the year increased 57.8% year-on-year to approximately HK$13.6 million, mainly driven by growth in its CMO business. The Group strictly controls its general and administrative expenses which represent only 9.8% of turnover in 2023 compared to 10.7% in 2022. Sales and distribution expenses for the year increased to 49.8% of revenue compared to 48.0% in 2022, mainly due to Pinup’s marketing expenses® increased this year and the strategic expansion of the sales force in anticipation of new product launches. R&D expenses decreased by 0.6% year-on-year to approximately HK$35.6 million due to the completion of several clinical tests and the capitalization of related development expenses.
In 2023, profits saw a remarkable increase, from approximately HK$38.5 million in 2022 to approximately HK$70.9 million, an impressive increase of 84.04%. The significant increase in profit is primarily attributed to continued organic growth of marketed drugs, propelled by effective marketing initiatives, rigorous cost control measures, continued supply chain optimization and expansion of the CMO activity.
Outlook
A series of healthcare reforms have been implemented in China in recent years to drive innovation and progress. The government seeks to provide accessible, diverse and cost-effective healthcare solutions, underscoring its commitment to improving the country’s healthcare landscape. Meanwhile, with the intensification of population aging in China, the prevalence of osteoporosis is also increasing rapidly. The seventh national population census shows that China has 264 million people over 60 years old (about 18.7% of the total population) and more than 190 million people over 65 years old (about 13.5% of the total population), making it the country with the largest elderly population in the world. According to the primary osteoporosis diagnosis and treatment guidelines, China’s medical expenditure for major osteoporotic fractures (wrist, vertebrae and hip) is predicted to reach 132 billion yuan by 2035 and 165 billion yuan by 2050.
Look forward to,
Mr. Kingsley Leung, President of Uni-Bio Science said: “We are positioned to capture ongoing growth opportunities in the pharmaceutical and medical aesthetic markets, propelling the company on a path of rapid expansion. First of all, we are delighted to announce that the application for commercialization of Bogutai® was officially approved on January 16, 2024. We believe that Bogutai® is poised to lead the way in revolutionizing osteoporosis treatment by providing patients with a more reasonable, precise and comfortable treatment option. Another product whose marketing application was accepted in early 2024 was Diquafosol Sodium eye drops. This is a crucial step towards its anticipated marketing approval in the first quarter of 2025. We are confident that this heralds a new era in the Group’s efforts to diversify its ophthalmic medicines portfolio and expand options treatment for patients suffering from dry eye syndrome.
During the year, our group made significant breakthroughs in the advanced skincare raw materials sector, with our first product, Skbrella™ FN, successfully launched into the market. Currently, we are proactively exploring various commercialization opportunities for Skbrella™ FN, as well as diversifying its product portfolio by combining fibronectin with facial masks or other products like GeneTime®. This strategy will promote cross-selling, effectively expand the user base and create additional revenue streams.
At the same time, we are actively engaged in two advanced technology platforms: synthetic biology technology platform and hydrogel technology platform. The first aims to systematically reconfigure the genetic network of Escherichia coli, improving the quality of vesicles and promoting efficient secretion. Through this platform, we aim to achieve kilogram-level production of biological peptides, which will significantly reduce the raw material cost of biological peptides. On the other hand, the Hydrogel technology platform allows us to develop different types of hydrogels that ensure targeted, sustained and controlled release according to clinical requirements. We are at the forefront of developing a new temperature-sensitive hydrogel dosage form for EGF products. This innovation will not only accelerate wound healing, but also mitigate the risk of scar formation, thereby extending the life cycle of the Group’s EGF products and capturing a greater market share.
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